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Iran passes bill legalizing the use of crypto for imports

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Iran has passed a new law that allows regulations on trade transactions with crypto. The act authorizes the use of crypto to finance imports from abroad, according to the Iranian private news agency, Tasnimnews.

The changes in the payment mechanism were made through an agreement between the Ministry of Industry and the Central Bank of Iran. With the new law, businesses will be able to import cars and other items using crypto instead of USD and Euro.

Earlier this month, Iran placed its first import order using $10 million worth of cryptos. The country started relying on crypto use for funding all its imports from abroad because it cannot access global payments’ mechanisms amid US sanctions over its nuclear program.

Alireza Peymanpak, a deputy Iranian trade minister who leads Iran’s Trade Promotion Organization (TPO) said that by end of September, the country plans to cryptos and smart contracts in foreign trade with friendly target countries.

Industry, Mines, and Trade Minister Reza Fatemi Amin said, on Monday, that all issues concerning crypto assets—from the assigning to the granting of licenses—have been taken care of.

The approval for use of cryptos to fund imports appears to be a wider resolution for detailed crypto regulation in the country, including licensure and energy allocation for crypto mining.

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